"NBFCs have flexibility under the prescribed accounting standards to consider such relief to their borrowers," the RBI Governor said.

Banks are instructed to maintain additional provisioning of 10 percent on standstill accounts.

On March 27, the central bank had announced a three-month moratorium on term loans whose installments were due between March 1 and May 31.

The moratorium is intended to provide borrowers relief during the nationwide lockdown.

"Economic activity has come to a standstill during the period of the lockdown, with consequential lingering effects which have unambiguously affected the cash flows of households and businesses," The RBI Governor said in his statement on April 17.

Das also announced a 25 basis points cut of the reverse repo rate, lowering it to 3.75 percent.

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